Greek debt crisis: Key dates on the road to a possible Grexit (*)
- Thursday June 18: Best chance for a deal - Eurozone finance ministers gathering in Luxembourg for their regularly scheduled monthly meeting hope a deal can be struck.
- Friday June 19: The morning after - Finance ministers will still be in Luxembourg for a second day of meetings, this time with all 28 countries in attendance.
- Sunday June 21: Possible emergency summit - Some officials believe a eurozone summit would be redundant if no deal is reached among finance ministers, since it is those finance ministries that are best equipped to negotiate the substance of any bailout agreement.
- June 22 onward: Worst-case scenarios - If no agreement can be reached, worst-case scenarios begin to kick in, including capital controls to limit withdrawals from Greek banks and prevent a complete financial meltdown
- June 25: Any other business - This is the date for the beginning of a long-scheduled EU summit.
- June 30: Expiration date - The date Greece’s current bailout expires and when it is due to repay €1.5bn in loan repayments to the International Monetary Fund.
- July 1: Uncharted territory - If the bailout expires and Greece fails to make the IMF payment — but the ECB decides emergency loans to Greek banks can continue — Greece enters what Mario Draghi, ECB president, recently called “uncharted territory”.
- July 20: Drop-dead deadline - This may be the real drop-dead deadline: the date two bonds totalling €3.5bn fall due to the ECB.
(*) Financial Times